Daily Updates

Customs: Threshold limit of value of goods for launching of Prosecution, Arrest & Bail in relation to cases of importation & exportation of trade goods and fraudulent availment of drawback or attempt to avail of drawback or any exemption from duty provided under the Customs Act 1962, has been increased from ₹ 1 Crores to …

Customs: Threshold limit of value of goods for launching of Prosecution, Arrest & Bail in relation to cases of importation & exportation of trade goods and fraudulent availment of drawback or attempt to avail of drawback or any exemption from duty provided under the Customs Act 1962, has been increased from ₹ 1 Crores to ₹ 2 Crores.(17.08.2022) Read More »

Customs: Effective from 1st November 2022 import of following goods requires Health Certificate issued by Competent Authority of exporting country in prescribed format. Milk and Milk Products Pork and Pork Products Fish and Fish Products [Instruction No. 18/2022 Cus. dated 12 August 2022]

SEZ: Guidelines on SOP for Work from Home under SEZ Rules issued by Government, no WFH can be denied / revoked without Unit being heard and endorsement certificate can be given by specified officer on the basis of information submitted by the Unit and physical verification of asset (laptop etc) can be done latter when …

SEZ: Guidelines on SOP for Work from Home under SEZ Rules issued by Government (16.08.2022) Read More »

Calcutta High Court held that in the GST law the electronic credit ledger cannot be debited when appeal already been filed.   Tripura High Court has held that Vehicle carrying goods ought not to be stopped/seized by authorities for expiry of E-way bill and instead an undertaking should be taken from the buyer, or the …

Judicial Corner (16.08.2022) Read More »

DGFT: Export Policy of items [Wheat Flour (Atta), Maida, Samolina (Rava / Sirgi), Wholemeal atta and resultant atta] under HS Code 1101 remains ‘Free’, but export shall be subject to recommendation of Inter-Ministerial Committee (IMC) constituted for allowing export of wheat. [Notification No. 25/2015-2020 | Dated: 8th August, 2022]

DGFT: Advertisement The requirement of advance registration of minimum 5 days from the expected date of arrival of import consignment under NFMIMS has been abolished/made zero. [Notification No. 26/2015-2020 | Dated: 10th August, 2022]

Income Tax: CBDT notifies  Income tax rules 17AA where books of account and other documents to be kept and maintained by institution or trust or any university or other educational institution or any hospital or other medical institution u/s 10(23C) or Sec 12A [Notification No. 94/2022-Income Tax Dated: 10th August, 2022]

High Court of Jammu & Kashmir has held that under the Negotiable Instrument Act, 1881, a Complain is not valid if Statutory Notice of Demand Sent on Wrong Address.

RBI: RBI issued guidelines with details of the criteria and procedure for submission of application by DCCBs for opening new place of business/installation of ATMs.   [RBI/2022-23/106 DOR.REG.No.63/19.51.052/2022-23 dated 11th Aug 2022]

RBI: RBI clarifies on Bilateral Netting of Qualified Financial Contracts for Regional Rural Banks, Local Area Banks and Co-operative Banks, where the bank has not adopted the bilateral netting framework. [RBI/2022-23/107 DOR.MRG.REC.64/00-00-005/2022-23 dated 11th Aug 2022]

Customs: Exports of all items under HS Code 1101 would be subjected to recommendation of Inter-Ministerial Committee constituted for allowing export of wheat, with effect from 14th Aug 2022. [Instruction No. 17/2022- Customs dated 11th Aug 2022]

AAR Rajasthan has held that that activity of supply of manpower service for running & maintenance of the canteen for consideration in the course of business is covered under ‘supply’ as per section 7 of the CGST Act, 2017 and is liable to tax as per section 9 of the CGST Act, 2017.   AAAR …

Judicial Corner (11.08.2022) Read More »

Hon’ble Tribunal of Kolkata has held that Period of limitation should be calculated as per General Clauses Act and therefore refund application has been filed within time and rejection of refund is incorrect.

Supreme Court has directed the GST council to issue Advsiroy for Implementing DIN for all communications sent by State Tax Officers to tax payers as this may bring in transparency and accountability in indirect tax administration- PRADEEP GOYAL Vs UNION OF INDIA AND ORS 2022-TIOL-66-SC-GST High Court in a recent judgement has granted an opportunity to …

Judicial Corner (09.08.2022) Read More »

RBI: Authorised Dealer Category-I License eligibility for Small Finance Banks [RBI/2022-23/104 DOR.LIC.REC.60/16.13.218/2022-23 dated 8th August 2022]

RBI: Stand-alone Primary Dealer (SPDs), authorized under section 10(1) of FEMA, 1999 shall also be eligible to offer Foreign Currency Settled Overnight Indexed Swaps (FCS-OIS)to persons not resident in India as well as to other AD Cat-I banks and eligible SPDs.   [RBI/2022-23/105 FMRD.DIRD.05/14.03.046/2022-23 dated 8th Aug 2022]

Customs: Government has specified Passenger Name Record Information Regulations, 2022. [Notification No. 67/2022  Customs (N.T.) dated 8th August 2022]

Income Tax: CBDT notifies conditions & forms for exemption of amount received for Covid-19 Treatment from any person. [Notification No. 91/2022-Income Tax | Dated: 5th August, 2022]

Income Tax: CBDT notifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased [Notification No. 91/2022-Income Tax | Dated: 5th August, 2022]

Income Tax: CBDT notifies Qatar Holding LLC as sovereign wealth fund U/s. 10(23FE). [Notification No. 93/2022-Income Tax Dated: 5th August, 2022]